Denny’s (NASDAQ:DENN) earnings for first quarter of 2020 have DENN stock on the rise after markets closed on Thursday. That’s thanks to its adjusted earnings per share (EPS) of 17 cents beating out Wall Street’s estimate of 13 cents. However, its revenue of $96.7 million comes in below analysts’ estimates of $101.55 million.
Now, let’s take a deeper dive into the most recent Denny’s earnings report.
- Adjusted per-share earnings are up 30.8% compared to 13 cents in the first quarter of 2019.
- Revenue for the quarter is sitting 36.1% lower than the $151.41 million reported during the same time last year.
- Operating income of $18.05 million is a 25.2% decline year-over-year from $24.13 million.
- The Denny’s earnings report also has net income coming in at $9.01 million.
- That’s a 41.83% drop from its net income of $15.49 million in the same period of the year prior.
John Miller, CEO of Denny’s, said this about Q1 earnings:
“While the Denny’s brand had a positive start to the year delivering solid sales results through February, the dramatic and sudden impact of COVID-19 and related restrictive government mandates weighed on the final weeks of the fiscal first quarter. As restaurant operations were being limited to off-premise sales channels, we implemented streamlined menus, ‘Dine-Thru’ curbside service programs, and shareable family meal packs in a matter of days.”
Denny’s doesn’t provide a guidance update in its earnings report. The company withdrew its guidance back in March as the novel coronavirus caused problems for the economy. Many other companies have done the same.
DENN stock was up 14.3% after-hours Thursday.
As of this writing, William White did not hold a position in any of the aforementioned securities.